Australia’s median house price approaches $700,000

Adam Smith 14 September 2016

house graph paperProperty prices edged up slightly over the June quarter, with Australia’s median house price approaching $700,000.

The Real Estate Institute of Australia (REIA) Real Estate Market Facts report has found average median prices rose 2.1% for houses over the June quarter, and 0.4% for other dwellings. The group said Australia’s average median price for detached houses approached the $700,000 mark, while the average median price for other dwellings was around $545,000.

“The majority of the capital cities recorded increases in the second quarter of the year. Perth was the only capital city where the median price fell for both houses and other dwellings due to slowing population growth and decreasing activity market,” REIA president Neville Sanders said.

Sanders said Adelaide saw relatively strong growth, while Sydney continued to lead the country with the highest median property prices. Median house prices in Sydney sit at 46.5% above the national average, Sanders said.

The rental market remained weaker, meanwhile. Median rents decreased across the majority of capital cities, Sanders said.

“With Perth and Darwin having the highest vacancy rates, median rents in these cities fell markedly compared to twelve months ago. Rental markets in Melbourne, Brisbane and Hobart appear to be balanced based on their vacancy rates at around the industry benchmark of 3%,” Sanders said.

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